1. Field of the Invention
The present invention relates to financial business systems; and more particularly to a brokerage trading system using an Internet-based graphical user interface.
2. Description of the Prior Art
Freedom to purchase and sell the numerous corporate securities which are actively traded on exchanges such as the New York Stock Exchange, The New York Bond Exchange and the American Stock and Bond Exchanges, The Midwest and Pacific Coast Regional Exchanges and the NASDAQ Over-the-Counter Market, is a cherished but limited right. Imperfect knowledge of trading procedures and restricted access to securities pricing information oftentimes inhibit or prevent purchase and sale of securities by individual investors.
Trading procedures have been facilitated by computer-based business systems, which are conventionally used to effectuate financial transactions. These automated financial business systems have a variety of features which include entry of customer data, data processing means, obtaining quotes/bids, retrieving bids and security pricing from a remote database, making a stock order within a preselected time limit or collecting requests for quotes and selecting the best quotes to accept.
For example, U.S. Pat. No. 4,823,265 to Nelson teaches a system and method for processing transactions in renewable options in stocks and other securities. The system provides for entry of customer data and transaction data, processing the data, and a mechanism for storing the data. Utilizing the system, the options may be renewed periodically for a fixed term, until a designated event occurs, or perpetually. Means for processing transactions in such renewable options are also disclosed.
U.S. Pat. No. 4,694,397 to Grant, et al. discloses an apparatus for interfacing a banking system and a brokerage system having a number of brokerage office. A securities brokerage/cash management system is disclosed by U.S. Pat. No. 4,346,442 to Musmanno. The Musmanno system comprises, among other components, subscriber initiated use of a transaction charge card and checks, which are administered by a first institution; and participation in at least one short term investment, administered by a second institution.
An automated investment system is disclosed by U.S. Pat. No. 4,751,640 to Lucas. The '640 patent teaches a system in which clients are directly coupled to a processing means for accessing a storing means and recording investment vehicle purchases. U.S. Pat. No. 4,980,826 to Wagner discloses a method and system having a voice entry data device, and means for storing CFTC requirements and regulations. U.S. Pat. No. 5,038,284 to Kramer discloses a system that includes station means for converting manually entered data relating to open outcry transactions into first signals and for receiving second signals. U.S. Pat. No. 5,101,353 to Lupien, et al. discloses a system for providing liquidity to markets for investment securities and for managing in a real time environment the interaction of one or more large, institutional portfolios of investment securities with each other and with the securities market.
None of the patents discussed above disclose an Internet-driven brokerage interface for individual and institutional investors which offers transaction helper software and financial advisor assistance.
U.S. Pat. No. 5,297,032 to Trojan, et al. discloses a system for controlling the operation of a trader work station as integrated in a network for the trading of financial instruments wherein a database is configured to deliver an on-line data-stream to a plurality of traders. Like the patents previously discussed hereinabove, the '032 patent does not utilize an Internet-drive system which offers brokerage services and assistance nor does it employ a browser interface or transaction helper software.
There remains a need in the art for an on-line securities trading system which permits investors to access a brokerage interface via the Internet, and which provides a user friendly graphical user interface, offers financial assistance and enables the investor to view account information, receive quotes and execute trades on a personal computer.